Citi: Downgrade its rating on Hua Hong Semi to sell and raise target price to HKD 17.
Citi released a research report stating that hua hong semi (01347) was rated sell with a target price raised from HKD 16 to HKD 17. The company guided that capacity utilization will reach full load from the second half of this year to next year. Although the company's aggressive pricing and domestic demand will support its capacity utilization rate, the bank maintains a cautious attitude toward its profit and gross margin prospects. The report stated that the company's second-quarter sales were USD 0.479 billion, with a gross margin of 10.5%. The operating loss was USD 40 million, which was worse than the bank's and the market's expectations. Hua Hong expects to see capacity utilization fully recover in the second quarter and expects third-quarter sales to be between USD 0.5 billion and 5.
Citigroup: Maintains buy rating for China Mobile, target price raised to HKD 82.3.
According to a research report released by Citigroup, China Mobile (00941) has been listed as a first choice based on high dividends and defensiveness, maintaining a 'buy' rating with a target price raised from HKD 76 to HKD 82.3. However, the profit forecast for the company from 2024 to 2026 has been reduced by 1% to reflect lower revenue and cost budgets. The report states that the performance of the company in the first half of the year was roughly in line with expectations; revenue and EBITDA growth in the second half of the year may accelerate; and capital expenditure control will improve according to actual demand. The year-on-year decline of free cash flow by 15% is mainly due to the high increase in accounts receivable and the collection from government-related enterprises.
Citi: Maintains a 'sell' rating on Wharf REIC, target price lowered to HK$18.9.
Citigroup released a research report stating that all businesses of Wharf REIC (00004) are performing weakly, but due to market expectations for potential corporate actions, combined with the group's good performance, the group's valuation is still at the highest premium level in the industry. The bank believes that the group may take multiple corporate actions, but not all of them may have a positive impact on the stock price. The bank believes that the stock currently lacks attractiveness in terms of risk and return, maintains a "sell" rating, and lowers the target price from HKD 20.8 to HKD 18.9.
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